Dubai – Oil prices continued to surge on Wednesday, trading near a five-month high amid intensifying Iran-Israel tensions and concerns over deeper US involvement in the conflict.
WTI crude rose by 1.1% in Asian trading, building on Tuesday’s 4% jump, reaching close to $82 per barrel. The rally reflects mounting geopolitical risk in the Middle East.
Market volatility increased after reports that US President Donald Trump held urgent talks with his national security team, fueling speculation of potential military support for Israel.
Meanwhile, Asian stocks were mixed. Hong Kong indices declined, while Japan’s gained, following losses on Wall Street due to weak US economic data and Fed rate uncertainty.
The Federal Reserve is expected to hold rates steady but may revise its projections as it concludes its policy meeting this week. Markets are pricing in up to two rate cuts before year-end.
Amid the global uncertainty, analysts warn of elevated risk premiums and short-term oil spikes, though some suggest prices may stabilize if the conflict does not escalate further.
